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Intel Corporation INTC

Technology  —  Semiconductors
123.00 (4.39) (3.45%) as of 25 Sep
Market cap
$686.6B
P/E
0.0×
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Intel Corporation (INTC) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Intel generated revenue of $52.9 billion in FY2025, with gross profit of $18.4 billion in FY2025 and an operating loss of −$2.2 billion in FY2025. Net income was $26.0 million in FY2025, while diluted EPS was −$0.06 in FY2025.

In Q2 FY2026, revenue was $16.1 billion, gross profit was $6.5 billion, and operating income was $1.8 billion. Net income was −$10.8 billion in Q2 FY2026, producing diluted EPS of −$2.16 in Q2 FY2026. Revenue over the TTM to Q2 FY2026 was $57.0 billion, while net income over the TTM to Q2 FY2026 was −$11.2 billion.

Growth

Revenue was $52.9 billion in FY2025, a change of −0.47% in FY2025 against FY2024. Revenue compound annual growth was −5.71% over FY2022–FY2025 and −7.46% over FY2020–FY2025. Diluted EPS was −$0.06 in FY2025, and its growth rate was not meaningful in FY2025 against FY2024 because the earlier value was zero or negative. Free cash flow was −$4.9 billion in FY2025, and its growth rate was not meaningful in FY2025 against FY2024 because the earlier value was zero or negative.

Revenue reached $16.1 billion in Q2 FY2026, up 18.8% in Q2 FY2026 against Q1 FY2026 and 25.4% in Q2 FY2026 against Q2 FY2025. Revenue growth was 7.47% in TTM to Q2 FY2026 against TTM to Q2 FY2025.

Profitability

Gross margin was 34.8% in FY2025, up 2.1 percentage points over FY2024–FY2025 but down −21.2 percentage points over FY2020–FY2025. Operating margin was −4.19% in FY2025, a change of 17.8 percentage points over FY2024–FY2025 and −34.6 percentage points over FY2020–FY2025. Pre-tax margin was 2.95% in FY2025, while net margin was 0.05% in FY2025.

Return on equity was −0.23% in FY2025, return on assets was −0.13% in FY2025, and return on invested capital was −1.02% in FY2025. In Q2 FY2026, gross margin was 40.4% and operating margin was 11.1%. Industry-median comparisons are not reported.

Balance sheet

Total debt was $46.6 billion in FY2025, down from $50.0 billion in FY2024. Cash and short-term investments were $37.4 billion in FY2025, compared with $22.1 billion in FY2024. Net debt was $9.2 billion in FY2025, compared with $27.9 billion in FY2024.

Shareholders’ equity was $126.4 billion in FY2025, and working capital was $32.1 billion in FY2025. At Q2 FY2026, net debt was $20.8 billion, the current ratio was 1.6×, and debt to equity was 0.5×. Net debt increased by $8.6 billion in Q2 FY2026 against Q1 FY2026.

Cash flow & capital return

Operating cash flow was $9.7 billion in FY2025, up 17.0% in FY2025 against FY2024. Capital expenditure was $14.6 billion in FY2025, and free cash flow was −$4.9 billion in FY2025. Operating cash flow was $14.9 billion in TTM to Q2 FY2026, up 48.1% in TTM to Q2 FY2026 against TTM to Q2 FY2025, while free cash flow was $2.8 billion in TTM to Q2 FY2026.

Dividends paid were $1.6 billion in FY2024; a FY2025 dividend figure is not reported. Net share repurchases were −$19.5 billion in FY2025. Weighted average shares were 4.5 billion shares in FY2025, up 7.88% over FY2020–FY2025.

Valuation

Market capitalisation was $650.2 billion as of September 24, 2026. P/E was not meaningful as of September 24, 2026 because earnings or book value were negative. P/S was 11.4× as of September 24, 2026, higher than the 2.6× five-year median and the 3.0× ten-year median as of September 24, 2026. P/B was 6.3× as of September 24, 2026, higher than the 1.3× five-year median and the 2.4× ten-year median as of September 24, 2026.

EV/Sales was 11.8× as of September 24, 2026, higher than the 2.8× five-year median and the 3.2× ten-year median as of September 24, 2026. EV/Cash flow was 267× as of September 24, 2026, higher than the 16.9× five-year median as of September 24, 2026. Industry-median comparisons are not reported.

What changed since last quarter

Revenue was $16.1 billion in Q2 FY2026, up 18.8% from Q1 FY2026 and 25.4% from Q2 FY2025. Gross margin was 40.4% in Q2 FY2026, increasing by 1.0 percentage point from Q1 FY2026 and by 12.8 percentage points from Q2 FY2025. Operating margin was 11.1% in Q2 FY2026, increasing by 34.2 percentage points from Q1 FY2026 and by 35.8 percentage points from Q2 FY2025.

Operating income was $1.8 billion in Q2 FY2026, compared with −$3.1 billion in Q1 FY2026 and −$3.2 billion in Q2 FY2025. Net income was −$10.8 billion in Q2 FY2026, compared with −$4.3 billion in Q1 FY2026 and −$3.0 billion in Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What drove the net loss despite positive operating income in the latest quarter?
  • What accounts for the increase in net debt from the preceding quarter?
  • What factors contributed to the increase in weighted average shares?
  • What items explain the difference between operating cash flow and free cash flow?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.